The Hong Kong "Stablecoin Regulation" is about to take effect, and the Secretary for Financial Services and the Treasury has revealed that single-digit licenses will be issued

ChainCatcher news, according to Ming Pao, the "Stablecoin Regulation" in Hong Kong, China, will take effect in August. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the Monetary Authority is consulting the market to implement the regulatory guidelines, which are expected to be announced within this month and will involve anti-money laundering and other related requirements.

Christopher Hui also indicated that after the regulation takes effect, applications for stablecoin licenses will be accepted, with the goal of issuing licenses within this year, and the number of licenses will be a single digit. Regarding whether financial institutions can issue stablecoins pegged to the Renminbi after obtaining a license, Hui stated that if it involves currencies from other jurisdictions, discussions with the relevant authorities would be necessary.